At long last, the real estate market is finally embracing the power of technology. In fact, it is actively making the most out of the software development trends in real estate while also trying to reach maximum potential. A report titled Technology and Future of Real Estate Investment says 53% of real estate organizations are investing in new technology.
With the introduction of new technology, businesses have not just changed but are also evolving. The growth at which the real estate market is rising is turning out to be a significant part of the world economy and technology has a big role to play in this. The real estate market in the world is expected to touch $5.85 Trillion by 2030.
In the future, the use of software development trends in real estate is expected to make the platforms highly developed and popular as well. Below, we will look at the 11 best software development trends in real estate to get better clarity of the market.
11 Best Software Development Trends in Real Estate
1. Artificial Intelligence
The use of AI or Artificial Intelligence is more than likely to be one of the top software development trends in real estate. It has different abilities including Machine Learning, Computer Vision, Natural Language Processing, etc.
All the capabilities of AI also come with multiple other use cases. Moreover, there is also a consistent stream of research and development that is happening in the field of AI. This is also expected to make AI important in different industries including real estate.
2. 3D Virtual Property Tour
The 3D virtual properties are closely linked with search applications and are perfect solutions that allow real estate buyers to take a real-time tour of properties that they like. It is one of the best tech trends in real estate because it eliminates any need to visit a property physically.
In addition, VR technologies also enable customers to have pretty realistic virtual tours where it is easy to see the state of the property, interior details, and even the furniture. Many real estate companies are open to hiring one of the best enterprise software development companies to get a 3D virtual app made.
3. Business Intelligence
All real estate companies are required to store a decent amount of data including financial, customer, transactions, etc. Hence, with the use of business intelligence, the global real estate market can grow immensely.
One of the software development trends in real estate is to create reports and insights from the data. This also helps to attract more customers and retain them as well. It allows them to make informed decisions that are based on reliable insights.
4. Big Data
Another one of the software development trends in real estate is the use of big data. It enhances the use of data analysis in a considerable way. You can gain insights from a large set of data for helping stakeholders.
The people who wish to invest in properties can also use big data analytics for improved evaluation. Big Data includes detailed analysis based on crime rates, flood zone maps, neighborhoods, etc.
Real estate developers can also find a prospective buyer in a better way by using big-data-based tools. The solutions help in analyzing data from the search engines to identify the target audience.
5. Blockchain
Blockchain is one of the software development trends in real estate. It offers a wide range of applications and it can also be used to verify encrypted transactions that ensure the financial records do not get tampered with.
Blockchain also proves useful in property investment while allowing landlords to sell their property smartly. The technology allows efficient and secure use of documents.
It is a fact that Blockchain has been used until now but there is an immense possibility that it is still there. The use of this technology can be one of the top real estate trends this year and the upcoming ones too.
6. Mobile Applications
One of the most widely renowned software development trends in the real estate industry is that of mobile applications. The most used ones are rental and purchasing mobile applications.
The mobile applications offer many benefits to potential renters as compared to the traditional means of looking for an apartment. The databases can be frequently updated and it can be easy to offer timely information on the new properties that are there in the market or the ones that are not available anymore.
All customers who are interested in buying, selling, and even renting a property can use mobile applications and customize them to their needs. These applications can also help customers in finding a new property that they want and facilitate the deal.
7. Real Estate Management Software
The economy of the world is currently benefitting from the rising growth of the real estate industry but the truth is that the complexity of this sector grows steadily.
In this situation, real estate companies should be able to handle many aspects such as marketing, rentals, real estate development, risk management, regulatory compliance, etc.
In order to ensure effective management, robust real estate management is important. The development of software such as that is going to be an important trend in the future.
8. CRM Software
The implementation of CRM software helps in managing customer relationships with the use of a strategically organized database. CRM helps in tracking all the details including the last interaction that happens with a customer, the kind of property, and contact information.
The use of CRM software also gives you a lot of time to stay focused on all that is actually important including serving the customers. This is one of the software development trends in real estate that is not so new but as far as implementation is concerned, many companies are still lagging behind.
9. Email Automation
The implementation of email automation has allowed the simplification of many real estate tasks. It is now possible for real estate companies to shoot important messages to customers for follow-ups about all new listings.
Moreover, it is also possible to set up customized sequences and send emails to anyone who meets these criteria. Email automation helps in strategizing marketing campaigns, securing new leads, and even managing the emails in an inbox.
10. Online Transaction Management
Another software development trend in real estate that is on the rise is that of online transaction management. It is an important property technology trend and it is recommended for customers to focus on it.
Most customers and property agents value their time and hence, it is important to create a solution that removes all paperwork while allowing the signing of documents. The parties who are engaging in a transaction can be sitting in different locations but they can still access the documents easily.
11. Conversational Chatbots
The conversational chatbots made with the use of AI help in initiating conversations and reacting almost instantly to the questions posed by customers. It also assists agents in recording and qualifying online leads.
Chatbots are one of the rising software development trends in real estate that effectively manage the initial phases of working with customers. With this trend, real estate agents can be with their customers and get new leads during business hours.
Conclusion
Real estate technology is evolving the way in which property is managed. With the introduction of new software development trends, the future of the real estate market is now. If you own a real estate company then you must take action to get a new digital product developed.
API Dots can help you with the development of a functional and useful software product. Get in touch to know more.
